9911796707
TMI Blog2018 (12) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... not gone into the claim of the assessee, we are of the view that this matter has to go back to the AO for proper verification of details of property acquired, rental income shown, loan borrowed for acquisition of property, interest paid on such loan etc., so as to satisfy that the condition u/s. 24(b) of the Act are complied for allowing such deduction. Thus, we restore the issue of deduction u/s. 24(b) of the Act to the file Assessing Officer for denovo consideration. AO shall provide adequate opportunity of being heard to the assessee and adjudicate the issue in accordance with law. Revenue's appeal allowed for statistical purpose. X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant carves leave to amend or to alter any ground or add a new ground, which may be necessary." 3. The first two grounds relate to the dispute as to whether the assessee is eligible to claim deduction u/s. 24(b) of the Act when no such claim was made in the return of income. 4. Briefly stated the facts are that, assessee filed return of income on 30.07.2012 declaring taxable income of ₹.4,61,880/-. During the course of assessment proceedings assessee furnished a letter dated 07.03.2015 and a revised computation of income declaring loss of ₹.9,73,795/-. In the revised computation of income assessee claimed deduction u/s. 24(b) of the Act towards interest on housing loan and the related loss under the head "income from h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the reason that the assessee claimed such deduction only by way of revised computation in the course of the assessment proceedings. However, this claim of the assessee was entertained by the Ld.CIT(A). The question of whether assessee can amend a return filed by him for making additional claim for deduction other than filing a revised return has been answered in favour of the assessee by the Hon'ble Jurisdictional High Court in the case of CIT v. M/s. Pruthvi Brokers & Shareholders (P.) Ltd. in IT Appeal. No. 3908 of 2010 dated 21.06.2012. While answering the question the Hon'ble High Court observed as under: "22. It was then submitted by Mr. Gupta that the Supreme Court had taken a different view in Goetze (India) Limited v. Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the power of the Assessing Officer to entertain a claim for deduction otherwise than by filing a revised return. In the circumstances of the case, we dismiss the civil appeal. However, we make it clear that the issue in this case is limited to the power of the assessing authority and does not impinge on the power of the Income-tax Appellate Tribunal under section 254 of the Income tax Act, 1961. There shall be no order as to costs." [emphasis supplied] 23. It is clear to us that the Supreme Court did not hold anything contrary to what was held in the previous judgments to the effect that even if a claim is not made before the assessing officer, it can be made before the appellate authorities. The jurisdiction of the appellate authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrowed capital or no interest is payable on such capital and since no such finding is given by the Assessing Officer, he held that Assessing Officer is not justified in not accepting the claim of the assessee u/s. 24(b) of the Act. Ld.CIT(A) also referred to the certificate issued by SBI in respect of interest paid on housing loan and also observed that since no contrary material was brought on record by the Assessing Officer there is no justification for not accepting the claim of the assessee. 11. We observe that the claim made by the assessee in the form of a letter and by way of revised computation of income in the course of the assessment proceedings was never entertained by the Assessing Officer. The Assessing Officer has not gone i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
